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What the Top US Companies Pay In Taxes

Posted by kdawson on from the or-don't dept.

theodp writes "If you've ever wondered how it's possible that you pay more to the IRS than General Electric, Forbes has an explanation. You, my friend, do not have the tax benefit of overseas operations. Microsoft, for example, has its overseas subsidiaries license software to its US parent company in return for handsome royalties that get taxed at lower overseas rates. Exxon limits its tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda, and the Cayman Islands that shelter cash flow from operations in the likes of Angola, Azerbaijan, and Abu Dhabi. As a result, of the $15B it paid in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas. Likewise, GE has $84B in overseas income parked indefinitely outside the US. Now quit your carping and get back to filling out that 1040!"

5 of 658 comments (clear)

  1. Re:If I could do it, I would! by graft · · Score: 3, Funny

    Shit, yeah. As TFA says, corporations have already got it so tough, man.

  2. Re:If I could do it, I would! by MightyMartian · · Score: 3, Funny

    This is also why I support abolishing the corporate income tax. To me, it makes no sense to tax the artificial economic entity, and then tax every employee and owner of said entity. Let's keep our taxes limited to actual, real people.

    I agree. Let's tax the living shit out of the shareholders.

    --
    The world's burning. Moped Jesus spotted on I50. Details at 11.
  3. Re:If I could do it, I would! by Qzukk · · Score: 4, Funny

    If people don't like the actions of a corporation they have the right not to fucking buy that corporations products

    So if a heavy machinery company opened a factory next door to you and dumped their waste hydraulic fluid in your garden you'll stop buying their bulldozers?

    --
    If I have been able to see further than others, it is because I bought a pair of binoculars.
  4. Re:If I could do it, I would! by fatalwall · · Score: 4, Funny

    but think of all the accountants and lawyers who would lose there jobs as an effect ... wont some one please think of the lawyers

  5. Re:'twas ever thus by Dutchmaan · · Score: 4, Funny

    That's because corporations hire the best accountants, while government is run by the best liars.

    That's because corporations hire the best governments, while accounting is run by the best liars.

    There, fixed that for you.